SunEdison secures $150 million lead bid for solar materials business

By Caroline Salls

Pittsburgh, Aug. 29 – SunEdison, Inc. requested court approval of the bid procedures for the proposed $150 million sale of its solar materials business, according to a motion filed Aug. 26 with the U.S. Bankruptcy Court for the Southern District of New York.

GCL-Poly Energy Holdings Ltd. is the stalking horse bidder.

Under the stalking horse purchase agreement, $100 million of the purchase price would be paid in cash at closing. The balance would be held in escrow and released to the company within 12 months of closing when specified conditions are met.

Competing bids are due by 4 p.m. ET on Oct. 13.

Each qualified bid must be for an amount equal to the sum of the purchase price, plus a $4.5 million breakup fee and $2 million expense reimbursement to be paid to GCL-Poly if it is not the high bidder, plus $150,000.

An auction will be held on Oct. 18, if necessary, and the sale hearing is scheduled for Oct. 20. Bids at auction must be made in minimum increments of $150,000.

A hearing is scheduled for Sept. 15.

Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21 under Chapter 11 case number 16-10992.

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